Mumbai Raids: I-T department finds tax evasion of Rs 350 crore

by sikandar141
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 Rs 5 crore cash found from Taapsee Pannu


MUMBAI: The Income Tax Department is carrying out search and survey operations at two leading film production companies, a leading actress (Taapsee Pannu) and two talent management companies in Mumbai. The department said in its statement released on Thursday that during the search, there has been evidence of large scale misappropriation in the income and share of these production houses.

According to sources, the department said that the Income Tax Department has come to know about the tax irregularities of Rs 350 crore. Company officials have not been able to give any answer about Rs 350 crore. On the other hand, a cash receipt recovery of 5 crore has been done in the name of Taapsee Pannu, whose investigation is going on.

Sources associated with the Income Tax Department said that there are two separate cases going on. One is against the shareholders of Phantom Films and the other is against Taapsee Pannu. Taapsee Pannu and her company are suspected of income tax evasion of about Rs 25 crore. Tapasi took cash money of around 5 crore rupees. Her company is also involved in income tax evasion. Their agreement is also on the radar of IT.

According to the media release, search operation is being carried out at Mumbai, Pune, Delhi and Hyderabad. A total of 28 premises are being covered in different locations which includes residences and offices.

“During the search, evidence of huge suppression of income by the leading Film Production house compared to the actual box office collections has been unearthed. The company officials have not been able to explain discrepancy of around Rs 300 crore. Evidence related to manipulation and under-valuation of share transactions of the production house amongst the film directors and shareholders, having tax implication of about Rs 350 crore has been found and is being further investigated.”

“Evidence of cash receipts by the leading actress amounting to Rs 5 crore has been recovered. Further investigation is going on. Apart from this, non-genuine/bogus expenditure to related concerns by the leading producers/director having tax implication of about Rs 20 crore has been detected. Similar findings have been made in the case of the leading actress also, the statement reads.

Similarly, at the office premises of the two talent management companies, huge amount of digital data has been seized in the form of emails, WhatsApp chats, hard disk etc which are under investigation. During the search, 7 bank lockers have been found which have been placed under restraint. Search is continuing in all the premises, said the release.

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